Most business owners view their business as their pension / retirement planning, they usually do not consider a “Plan B” or how they will ultimately exit the business.
Your financial plan will highlight any shortfalls that you may have along with considerations on how this can be addressed.
This could include tax efficient options for removing capital from the business, corporate investment solutions, review of existing arrangements or switching out of a poorly performing fund.
Personal Pensions are a tax incentivised savings vehicle for retirement, with contributions often being an allowable tax-deductible expense for the business. Other complex arrangements such as a Self-Invested Personal Pension (SIPP) or a Small Self-Administered Scheme (SSAS) allow a wider range of investment options, even allowing you to borrow funds within the structure to help you potentially purchase your corporate premises.
It is important to have your savings working as hard as possible for you, therefore it’s imperative that you review not only the contract but also the investment fund(s) utilised within your contracts.
Billions of pounds remain languishing in underperforming funds, where a simple fund switch to an alternative fund would potentially provide a higher investment return.
At Howard Wright we provide a range of risk focused actively managed investment portfolios which are designed to assist our clients in achieving their investment objectives.
Sometimes it will be advisable to retain funds within the business. This does not mean that the capital needs to sit in a low interest business account.
There are a range of investment contracts available for businesses so that they can access the Howard Wright investment portfolios.
The value of investments and the income derived from them can fall as well as rise. You may not get back what you invest.
Advice to Employees
Howard Wright can also provide valuable advice to your company’s employees on their own retirement planning. This can focus on individual arrangements as outlined above and / or the provision of group arrangements, such as meeting your legal obligations under auto-enrolment legislation.
What to do next?
To discuss your retirement planning with one of our Chartered Advisers, you can call us on 0345 688 4939 or fill in our enquiry form below, it only takes 20 seconds to complete.
Howard Wright Enquiry Form
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